In a major boost to its cybersecurity efforts, Cyble has announced raising $24 million in a Series B funding round. The news was first reported by TechCrunch.
Cyble is renowned as a “threat intelligence provider”, leveraging AI and Dark Web Monitoring to stay ahead of the cybercrime curve. This new injection of funds will be primarily allocated towards the company’s research and development (R&D) and market expansion.
Blackbird Ventures and King River Capital co-led the funding round, which saw participation from Spider Capital, January Capital, Summit Peak Ventures, among others. This funding round underscores the mounting importance of advanced cybersecurity measures in an increasingly complex digital landscape.
To date, Cyble has raised $38.6 million in funding, with the Series B being the company’s first fundraising since February 2022.
Co-founder and CEO Beenu Arora, commenting on the fresh capital, stated, “This investment is a testament to the hard work our team has been investing to execute toward our vision. At Cyble, our mission is bold: to democratize cybersecurity. Through innovative solutions like Cyble Vision, Cyble Hawk, AmiBreached, Cyble Odin, and The Cyber Express, we aim to ensure the path to digital safety is accessible to all. As Artificial Intelligence continues to evolve, so do the imperatives of cyber defense. At Cyble, we are committed to providing businesses and individuals with the most advanced insights and AI tools needed to secure their digital territories.”
Cyble, which Arora bootstrapped for the first two years with co-founder Manish Chachada, has consistently focused on innovating in the field of cybersecurity.
Cyble Raises 24 Million in Series B Funding at the Right Time
Cyble Raises 24 Million in Series B Funding amidst an urgent call for proactive and robust threat intelligence mechanisms. A 2022 survey by Security Magazine revealed that 75% of companies now have dedicated threat intelligence teams, while two-thirds have dedicated threat intelligence budgets. However, a striking 73% of organizations cited a “lack of skills” as their biggest challenge in threat intelligence.
Founded in 2019, Cyble combines the potential of AI with Dark Web Monitoring to effectively map and mitigate companies’ digital risk footprints. It operates on both the dark web and “surface web,” building custom threat-hunting solutions for a diverse range of customers, including government agencies and Fortune 50 brands. Currently, the startup claims to have visibility into over 6,000 “darknet” marketplaces, primarily used for illegal file sharing.
Cyble Raises 24 Million in Series B Funding to counter competitors like SnapAttack, which emerged from Booz Allen with a library of labeled threat data. Despite the competition, investor Zeb Rice from King River Capital had high praise for Cyble.
He stated, “From our extensive work in AI over the last 15 years, it’s evident Cyble is deploying this groundbreaking tech in a way that is revolutionizing cyber security. Its platform can identify and guard against diverse threats from across the web on an unprecedented scale. And the growth and caliber of its customer base stand testament to the global recognition from companies needing best-in-class protection in an ever-evolving and intricate digital landscape. We’re delighted to partner with Cyble at such a pivotal time.”
With Cyble Raises 24 Million in Series B Funding, the company stands in stark contrast to a downturn in venture funding for cybersecurity. According to Crunchbase, venture funding in this sector saw a 63% drop in the just completed second quarter, plummeting from nearly $4.3 billion the previous year to slightly more than $1.6 billion.
Returning investor, Blackbird Venture’s Tom Humphrey, says “Cyble’s growth has been remarkable to observe. In just a year’s time, the company has seen its team double in size, its customer base surge almost fourfold, and its footprint expand into the Middle East, Europe, and Latin America. Beenu and Manish have emerged as leaders and built a strong leadership team around them.”
Despite this funding slowdown, Cyble Raises 24 Million in Series B Funding, showcasing its firm momentum in the cybersecurity market. Atlanta, where Cyble is based, is becoming a hotbed for cyber ventures, marking an exciting time for the startup. This funding round will enable Cyble to amplify its efforts in its crucial mission of helping companies stay one step ahead in the complex world of cybersecurity.
“Following the Russian invasion of Ukraine, a surge in global cyber warfare has underscored the crucial need for companies to heighten their security measures and monitor dark web activities. Threat Intelligence has never been more important.” This context illuminates the reasons why Cyble Raises 24 Million in Series B Funding at such a crucial juncture. As global tensions rise, so does the need for robust cybersecurity solutions to keep enterprises safe and protected from potential cyber threats. Cyble, with its focus on innovative technology and comprehensive threat intelligence, is primed to help organizations navigate these challenging times,” Manish Chachada, Cyble’s COO and Co-Founder, concluded while commenting on the current global scenario.